United Arab Emirates: A booming economy

News|9 November 2023|4 Minutes

A country ranked second in economic stability

According to a recent study, the United Arab Emirates (UAE) is considered the second most economically stable country in the world. This honored place is due to a variety of factors, including entrepreneurial opportunities, access to capital, availability of skilled labor, adaptability, competitiveness and strength of trade. What’s more, the UAE’s GDP per capita is comparable to that of the major nations of Western Europe.

Switzerland tops the list, followed by the United Arab Emirates, Canada, Germany, Japan, Sweden, Australia, the Netherlands, Norway and Denmark.

A diversified economy to reach AED 3,000 billion by 2030

To achieve a GDP of AED 3,000 billion (UAE dirham) by 2030, the UAE is focusing on economic diversification strategies and support for new sectors. These efforts include adopting the fourth industrial revolution and advanced technologies to enhance research capabilities, promote industries of the future and attract foreign direct investment.

Impressive economic results in 2022

In 2022, the UAE’s GDP reached AED 1,620 billion at constant prices, representing growth of 7.9%. At current prices, GDP stood at AED 1,860 billion, up 22.1% on the previous year. These figures testify to the country’s exceptional economic dynamism and its ability to position itself as a key player on the world stage.

Some of the world's largest sovereign wealth funds

The UAE also has some of the world’s largest sovereign wealth funds, enabling it to cope with global economic fluctuations. In practical terms, these funds represent an undeniable asset for the country’s development and a guarantee of long-term financial stability.

  • A skilled, competitive workforce

    The UAE’s population is largely made up of highly qualified expatriates from all over the world who work in key sectors of the local economy. Thanks to this diversity, the country benefits from a considerable reservoir of talent and innovative ideas that contribute to national prosperity.

  • A business-friendly environment

    The UAE offers a favorable business environment, with advantageous tax policies, modern infrastructure and a legislative framework tailored to the needs of international companies. As a result, many multinationals choose to set up their regional headquarters in this fast-growing country.

  • Sustainable development at the heart of our concerns

    Although oil resources were the initial driving force behind the United Arab Emirates’ economic development, the authorities have begun a transition towards a more diversified, environmentally-friendly economy. Investments in renewable energies, energy efficiency and the sustainable management of natural resources bear witness to this commitment to sustainable, responsible growth.

All in all, the United Arab Emirates boast an impressive economic record and are a major player on the world stage. Thanks to a policy of economic diversification, a skilled and competitive workforce, and a focus on sustainable development issues, the country has everything it takes to maintain its growth and continue to attract investors from all over the world.